I made a Treasury Mistake

There’s no downside to that, right?

The only downside that I know of is that you can’t order for some future unannounced treasury auction which I saw mentioned as an option via Treasury Direct.

Otherwise far easier dealing with the logistics via a broker for me.
 
Its like writing a check you can’t fund. You’ll get hit for insufficient funds and maybe cutoff from TD.
If you have overdraft, maybe your bank funds it and you’re on the hook for big bucks.
If I am buying six figures of anything and personally would not just for diversification purposes, I am triple checking everything.
Also I buy everything through Fidelity, new issues or secondary. They wouldn’t let this happen.
 
I actually have a large number of Treasury Direct accounts, both personal, trust and LLC entity accounts. I have actually found TD to be very efficient but twice I have made mistakes in transactions, both my bad. Both times the two accounts in error were locked temporarily. In both cases I made an earliest morning call to TD toll free number and waited with each up to two hours. Since they were my obvious mistakes, I deserved the time of wait. In both cases, TD did get to my call, was very polite and understanding and unlocked the account. I had my hat in hand in my conversations. I am now very accurate with this site.

In my opinion, no transaction will occur. Your account will be locked. You will go through the above to have it unlocked. No harm and lesson learned as with me.
 
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A few days ago I put in an order on Treasury Direct (this after 3 attempts to logon). I wanted to put $100,000 in a 26 week bill.....

So today I go to look at the site, give my holdings a once over and guess what - seems I put in an order for.... 1,000,000 - - yes, that's right - I added a zero. It's rather - uh - meaningful zero. ...
I usually have the opposite problem. I mean to buy $10 million but only put in $10 thousand. Damned inconvenient, I tell you.
 
Update 10/13

Well, my Treasury account shows the extra $1 MM in treasuries.

Looks kinda neat actually.

Don't see any withdrawal from bank account. (Discover says they froze it)


Per the info that MichaelB found - I assume this will eventually reverse.

For those interested - yesterday I wondered if I deserved a slap on the back of the head of a Whopper with Cheese. I couldn't decide - so I slapped the back of my head in the drive thru parking lot - and that Whopper was good.

They say God lives inside all of us. Well, I hope he likes Whoppers cause that's what he got.
 
I usually have the opposite problem. I mean to buy $10 million but only put in $10 thousand. Damned inconvenient, I tell you.

:LOL:
 
Well, my Treasury account shows the extra $1 MM in treasuries.

Looks kinda neat actually.

Don't see any withdrawal from bank account. (Discover says they froze it)

Mr. Knight, this is Mr. D, a manager calling from Discover Bank. It looks like we have a bit of a thing here, it seems your account is overdrawn by $900 thousand. Your overdraft protection covers part of that but a sudden drop in your credit rating means the cost will be a bit higher than expected. The overdraft charge is $14590, we’ve already debited that to your account and our legal dept is freezing all your assets until we can sort this out. If you have any questions please call me at 1-800-you’re SOL

Have a pleasant rest of your day.
 
Mr. Knight, this is Mr. D, a manager calling from Discover Bank. It looks like we have a bit of a thing here, it seems your account is overdrawn by $900 thousand. Your overdraft protection covers part of that but a sudden drop in your credit rating means the cost will be a bit higher than expected. The overdraft charge is $14590, we’ve already debited that to your account and our legal dept is freezing all your assets until we can sort this out. If you have any questions please call me at 1-800-you’re SOL

Have a pleasant rest of your day.

:LOL::LOL::LOL:

No wonder Michael needs his comfort food!:D
 
I usually have the opposite problem. I mean to buy $10 million but only put in $10 thousand. Damned inconvenient, I tell you.

I have (at least three times now) gone to buy a single share of something in my child's account only to find out (usually within a minute or two) that I accidently did it in my own account.

Not quite the same as your situation :)
 
There’s no downside to that, right?

I have found it very easy to do at Vanguard, online with a few clicks and I'm all set up as each auction gets done.
When they mature, the money goes back to my account, so I can buy something else.

I find it easier as everything is in 1 place, stocks and bonds and cd and treasuries.. It's only the I-bond at treasury direct since brokerages don't sell it.

I have found some brokerage websites are easier to buy treasury auctions than some others.
 
I've changed my methods and moved from TD to using Fidelity and Vanguard for all treasuries except iBonds. It is easier on the brokerage, and more flexible since you can sell if you must.

In TD, I recommend only working through the C&I. It is safer. When bank rates were near zero, it also didn't matter much. Today, I can understand the urgency to avoid C&I.

Years ago, I made one mistake where I bought $10k of TIPS and I had $10k in C&I. The TIPS sold at a premium :facepalm: for something like $10.5k. The transaction failed immediately and I got an email notice. I wasn't locked out. I wonder if the locking is a new thing, or only if you have a reversal from your bank?
 
Mr. Knight, this is Mr. D, a manager calling from Discover Bank. It looks like we have a bit of a thing here, it seems your account is overdrawn by $900 thousand. Your overdraft protection covers part of that but a sudden drop in your credit rating means the cost will be a bit higher than expected. The overdraft charge is $14590, we’ve already debited that to your account and our legal dept is freezing all your assets until we can sort this out. If you have any questions please call me at 1-800-you’re SOL



Have a pleasant rest of your day.



Oh no. Dont let the poor guy crap … that’s a scary email [emoji85][emoji847]
 
Brand New ER Member Here,
Great thread and numerous helpful posts. I have a 'similar problem. Helping my elderly mom who was going crazy with numerous low yield CD's juggling, my wife and I consolidated her numerous banks into 2.
I meant to invest in a 52-week auction beginning 11-1-22 and instead clicked on 11-29-22.
I didn't realize my mistake until hours after receiving her CONFIRMATION email. Is it too late to change this and not lose over a month of interest?
 
Well, my Treasury account shows the extra $1 MM in treasuries.



Looks kinda neat actually.



Don't see any withdrawal from bank account. (Discover says they froze it)



OH!! I know what to do. Screenshot that TD page and use it to secure big fat loan!
 
Brand New ER Member Here,
Great thread and numerous helpful posts. I have a 'similar problem. Helping my elderly mom who was going crazy with numerous low yield CD's juggling, my wife and I consolidated her numerous banks into 2.
I meant to invest in a 52-week auction beginning 11-1-22 and instead clicked on 11-29-22.
I didn't realize my mistake until hours after receiving her CONFIRMATION email. Is it too late to change this and not lose over a month of interest?

From the Treasury Direct Help Section, you can’t edit the order but you can delete it and submit a now one. https://www.treasurydirect.gov/indiv/help/treasurydirect-help/how-do-i/
Pending purchases and reinvestments include securities that have not been issued to the investor’s current holdings or gift box. Since pending purchases cannot be edited, they must be deleted, and new purchases scheduled. There are restrictions, however. Treasury marketable securities, for example, can only be deleted prior to the close of the auction. Savings bonds and Zero-Percent Certificates of Indebtedness can be deleted up to 11:59 p.m. Eastern Time, the day before issue. Instructions are provided below concerning how to delete pending purchases.

Log into your primary TreasuryDirect® account.

Click the ManageDirect tab at the top of the page.

Under the heading Manage My Securities, click "View/Delete a pending purchase/reinvestment".

On the Pending Transactions page, click "Submit".

You'll now see the Summary List page. Select the button beside the Confirmation number of the transaction you wish to cancel and click "Submit".

The Detail page will be displayed. Click "Delete" to cancel the planned transaction.

The Delete page will be shown. Click "Yes" to the question Are you sure you want to delete this transaction?

If this particular pending purchase is part of a repeat savings bond purchase schedule, you'll then see another page where you will be asked if you want to delete just this purchase or all of the remaining purchases for this repeat purchase schedule. Make sure the appropriate button is selected and click "Select".

The planned purchase transactions are now deleted.
 
Sounds beautiful! I will get my mom on the horn to get the OTP and go through those exact steps!

Many thanks MichaelB
 
I have repeated mild heart attacks when getting bond trade confirmation texts from Fidelity. When I buy qty=50 $1000 CDs total=50K, I get a msg from the app saying I bought 50,000 CDs. First time it happened I panic called Fidelity and they said "yeah it's confusing that it does that". My thought it's the 21st century, you have the technology to fix software unit of measure problems.
What ever happened to the verification that we do like on checks of writing out the number in digits and then in words? $1,000,000 can’t be mistaken for One Hundred Thousand? Surely something like this could be done online?
 
People are too busy to pay attention.

Same as why is there not enough time to do it right but always enough time to fix it?

And it takes 3 times longer to fix it than do it right the first time.
 
I’ve learned the hard way, no online equity transactions before finishing second cup of coffee.
 
I made a 6 figure purchase of TIPs (secondary market) on Vanguard's site for the first time.

After reading this thread I was certain to "measure twice and cut once".

Thanks for this thread.

-gauss
 
Conclusion to the Story

As the end credits roll...... and the world is desperate to know the outcomes.....



DJRR's well timed quip about moving money around..... is still kinda funny.

Mr Knight - despite his fears was not hauled off to Federal Prison, so all the perfume and lipstick he bought were a waste and dealt a .00000000000001% hit to his SWR. Looking in the mirror at the flab he had resolved - if some dude wants all that - well - he's a better man than I am.

MichaelB's information from Treasury Site seemed to come true.....


Mr Knight got this message in his Treasury inbox....

"We're sorry, but while trying to collect payment for purchase request or reinvestment IAAAH from your bank DISCOVER BANK, Account Number *********, the debit attempt was rejected. Your purchase request has been canceled and no additional attempts will be made to collect the funds.

Thank you for using TreasuryDirect."

A Whopper was consumed because a jillion grams of sodium is how we fight tension and blood pressure, and Mr Knight continued on being known as an average Joe, swell guy, and generous lover.

And - Jerry Mathers, as The Beaver.
 
All's Well that Ends Well.:popcorn:
 
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